The Buffalo News: Business & Finance

Business & Finance

Rise in big bankruptcies: Updated: 08/26/08 6:56 AM; U. S. corporate bankruptcies are on the upswing. This year, 12 companies with at least $1 billion in assets have filed for bankruptcy protection, surpassing the total of the previous four years combined. Nearly half were in the finance or construction industries. The latest, and biggest by far, was regional bank Indy- Mac Bancorp Inc. High levels of debt, rising raw material costs and a weak economy are contributing to the rise, which should continue for at least a year, according to George Putnam of New Generation Research.

Profit on horizon: Updated: 08/26/08 6:56 AM; Airlines have been a dangerous investment lately, but one analyst says price increases and industry consolidation may spell opportunity.

Facebook cuts off Scrabulous: By Anick Jesdanun - ASSOCIATED PRESS
Updated: 08/26/08 6:56 AM; NEW YORK — A highly popular Scrabble clone already pulled from Facebook in the United States and Canada continued its tumble over the weekend as the online hangout extended its block of the game throughout most of the world.

Financials drag on stock markets: By Tim Paradis - ASSOCIATED PRESS
Updated: 08/26/08 6:56 AM; NEW YORK — Stocks sank in light trading Monday as worries about American International Group touched off broader concerns that the deterioration of the credit markets will bring more big losses for financial companies.

First lesson for college students: be sure to protect your identity: By Pamela Yip - DALLAS MORNING NEWS
Updated: 08/26/08 6:56 AM; Amid all the back-to-school activities and tasks that college students face, one of the most important is to protect their identities.

‘Spore’ designer spills on explicit creatures: By Derrik J. Lang - ASSOCIATED PRESS
Updated: 08/26/08 6:56 AM; LOS ANGELES — Will Wright is not offended by the explicit monsters some folks have created using his evolution simulator, no matter which private parts they may resemble. In fact, Wright said he’s been impressed with the indecent beasts spawned by a slimmed-down edition of “Spore,” his much-anticipated but difficult-to-describe game.

Cornerstone opens new office despite strike: By Jonathan Epstein NEWS BUSINESS REPORTER
Updated: 08/26/08 6:56 AM; An employee strike at Western New York’s largest credit union has entered its second week with no signs of abating, but the credit union has managed to open a second office despite the shortage of workers.

Existing home sales rose last month: By Alan Zibel - ASSOCIATED PRESS
Updated: 08/26/08 6:56 AM; WASHINGTON — Sales of existing homes rose in July, surpassing expectations, as buyers snapped up deeply discounted properties in parts of the country hit hardest by the housing bust.

Buffalo’s air travelers on the rise: By Stephen T. Watson NEWS STAFF REPORTER
Updated: 08/26/08 7:10 AM; The rising ticket prices, flight delays and security-checkpoint indignities that frustrate air travelers today aren’t keeping people away from the Buffalo Niagara International Airport.

Automakers seek mileage improvements: By Tom Krisher - ASSOCIATED PRESS
Updated: 08/26/08 7:10 AM; DETROIT — In a normal year, the 2009 Chevrolet Cobalt wouldn’t be any different than the 2008 model, save for a few minor cosmetic changes. But this is far from a normal year.

Restaurant Depot wants spring debut in Cheektowaga: By Matt Glynn NEWS BUSINESS REPORTER
Updated: 08/26/08 6:56 AM; Restaurant Depot, a wholesaler that serves customers such as restaurants and independent grocery stores, plans to open a Cheektowaga location next spring.

HSBC putting problems in past: By Jonathan D. Epstein NEWS BUSINESS REPORTER
Updated: 08/26/08 6:56 AM; HSBC Bank USA officials say faulty hardware was to blame for last week’s crash of a key computer system, as they shift gears from data recovery efforts toward diagnosing what happened and how to prevent it in the future.

T-bill interest rates fall: Updated: 08/26/08 6:56 AM; WASHINGTON (AP) — Interest rates on short-term Treasury bills fell in Monday’s auction for the second consecutive week, with the rate on three-month bills falling to the lowest level in a month.

Mortgage fraud jumps 42 percent, report says: Updated: 08/26/08 6:56 AM; NEW YORK (AP) — Reported incidents of mortgage fraud jumped 42 percent nationwide, with Florida reporting the highest number of cases, according to industry data released Monday.